WTI crude prices rise to $62.80 as OPEC+ dials down supply hike plans

• Crude prices bounce up amid hopes of more moderate supply hikes from October.
• OPEC+ announced a 137,000 bpd increase for next month.
• Trump has flagged a secondary round of sanctions against Russia.

Crude Oil is trading higher on Monday, amid news reporting that the next OPEC+ supply hike scheduled for October will be lower than previously expected, while the recent attacks in Ukraine have raised speculation about further sanctions on Russian crude.

The US benchmark West Texas Intermediate (WTI) is trading about $1 higher on the day, reaching intra-day highs right above $62.80, with Friday's high, at $63.25, coming closer.

OPEC+ countries agree on a more moderate supply hike

The OPEC+, a group that includes OPEC countries plus Russia and other allies, agreed on Sunday to hike output higher, by 137,000 barrels per day, well below the 555,000 bpd and the 411,000 bpd hikes announced in September and August, respectively.

Also on Sunday, US President Trump affirmed that he is ready to pass a second round of sanctions on Russia in retaliation for the weekend's attacks on Ukraine, which killed four people and set Kyiv's government building ablaze

Trump set a 50% tariff on imports from India last month in response to Delhi's purchases of Russian Oil, and the country is speculating on an extension of similar measures to other Russian Crude buyers.